MANPROJECT: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
MANPROJECT
Largest movements
- Tangible fixed assets +€102,163
up €102,163 (+609%), from €16,786 to €118,948
of which Land and buildings: +€101,877
- Receivables within one year +€88,750
up €88,750 (+113%), from €78,636 to €167,386
of which Trade receivables: +€88,944
- Deferred charges and accrued income +€10,000
up €10,000, from €0 to €10,000
- Stocks and contracts -€3,500
down €3,500 (-100%), from €3,500 to €0
- Debts after one year +€88,905
up €88,905, from €0 to €88,905
- Reserves +€38,109
up €38,109 (+2,049%), from €1,860 to €39,969
of which Distributable reserves: +€38,109
- Trade debts +€36,917
up €36,917 (+56,543%), from €65 to €36,982
- Current portion of long-term debt +€13,249
up €13,249 (+848%), from €1,563 to €14,811
- Tax, wage and social debts +€10,979
up €10,979 (+100%), from €10,948 to €21,927
- Gross operating margin +€46,200
up €46,200 (+167%), from €27,586 to €73,785
- Taxes +€10,099
up €10,099 (+171%), from €5,914 to €16,013
- Depreciation +€8,863
up €8,863 (+276%), from €3,214 to €12,077
- Other operating charges +€3,208
up €3,208 (+1,206%), from €266 to €3,474
- Financial charges +€895
up €895 (+14.5%), from €6,152 to €7,047
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €99,182 | €296,594 | +€197,413 | +199% |
| Fixed assets | 21/28 | €17,046 | €119,208 | +€102,163 | +599% |
| Tangible fixed assets | 22/27 | €16,786 | €118,948 | +€102,163 | +609% |
| Land and buildings | 22 | - | €101,877 | +€101,877 | |
| Plant, machinery and equipment | 23 | €0 | €17,072 | +€17,072 | |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Leasing and similar rights | 25 | €16,786 | €0 | -€16,786 | -100% |
| Financial fixed assets | 28 | €260 | €260 | = | 0.0% |
| Current assets | 29/58 | €82,136 | €177,386 | +€95,250 | +116% |
| Stocks and contracts in progress | 3 | €3,500 | €0 | -€3,500 | -100% |
| Stocks | 30/36 | €3,500 | €0 | -€3,500 | -100% |
| Amounts receivable within one year | 40/41 | €78,636 | €167,386 | +€88,750 | +113% |
| Trade receivables | 40 | €5,048 | €93,992 | +€88,944 | +1,762% |
| Other amounts receivable | 41 | €73,588 | €73,395 | -€193 | -0.3% |
| Cash at bank and in hand | 54/58 | €0 | €0 | = | |
| Deferred charges and accrued income | 490/1 | €0 | €10,000 | +€10,000 | |
| Total equity and liabilities | 10/49 | €99,182 | €296,594 | +€197,413 | +199% |
| Equity | 10/15 | €22,980 | €61,089 | +€38,109 | +166% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €39,969 | +€38,109 | +2,049% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | - | €38,109 | +€38,109 | |
| Profit (loss) carried forward | 14 | €2,520 | €2,520 | = | 0.0% |
| Amounts payable | 17/49 | €76,202 | €235,505 | +€159,304 | +209% |
| Amounts payable after more than one year | 17 | €0 | €88,905 | +€88,905 | |
| Financial debts | 170/4 | €0 | €88,905 | +€88,905 | |
| Amounts payable within one year | 42/48 | €74,269 | €145,852 | +€71,583 | +96.4% |
| Current portion of amounts payable after more than one year | 42 | €1,563 | €14,811 | +€13,249 | +848% |
| Financial debts | 43 | €61,693 | €65,012 | +€3,320 | +5.4% |
| Credit institutions | 430/8 | €59,898 | €65,012 | +€5,114 | +8.5% |
| Other loans | 439 | €1,794 | - | -€1,794 | |
| Trade debts | 44 | €65 | €36,982 | +€36,917 | +56,543% |
| Suppliers | 440/4 | €65 | €36,982 | +€36,917 | +56,543% |
| Taxes, remuneration and social security | 45 | €10,948 | €21,927 | +€10,979 | +100% |
| Taxes | 450/3 | €10,948 | €21,927 | +€10,979 | +100% |
| Other amounts payable | 47/48 | €0 | €7,118 | +€7,118 | |
| Accrued charges and deferred income | 492/3 | €1,933 | €749 | -€1,184 | -61.2% |
| Turnover | 70 | €0 | €0 | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | €0 | = | |
| Remuneration, social security and pensions | 62 | - | €761 | +€761 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,214 | €12,077 | +€8,863 | +276% |
| Other operating charges | 640/8 | €266 | €3,474 | +€3,208 | +1,206% |
| Gross operating margin | 9900 | €27,586 | €73,785 | +€46,200 | +167% |
| Operating profit (loss) | 9901 | €24,106 | €57,473 | +€33,368 | +138% |
| Financial income | 75/76B | €3,943 | €3,696 | -€247 | -6.3% |
| Recurring financial income | 75 | €3,943 | €3,696 | -€247 | -6.3% |
| Financial charges | 65/66B | €6,152 | €7,047 | +€895 | +14.5% |
| Recurring financial charges | 65 | €6,152 | €7,047 | +€895 | +14.5% |
| Profit (loss) for the period before taxes | 9903 | €21,897 | €54,122 | +€32,225 | +147% |
| Income taxes | 67/77 | €5,914 | €16,013 | +€10,099 | +171% |
| Profit (loss) for the period | 9904 | €15,982 | €38,109 | +€22,127 | +138% |
| Profit (loss) for the period to be appropriated | 9905 | €15,982 | €38,109 | +€22,127 | +138% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.